Shyft Group layoffs, on the record
Every job cut, severance charge and restructuring Shyft Group reported in its annual reports, 2022 to 2024, quoted from the filings. Headcount went from approximately 4,200 to approximately 2,900.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2022 | approximately 4,200 | December 31, 2022 |
| 10-K for 2023 | approximately 3,000 | December 31, 2023 |
| 10-K for 2024 | approximately 2,900 | December 31, 2024 |
Job cuts, severance and restructuring
Our summaryThe filing reports restructuring and other related charges of 757 in 2022, 505 in 2021 and 1,873 in 2020, added back in the Adjusted EBITDA reconciliation, without describing any specific layoff or workforce reduction.
Word for word“Restructuring and other related charges 757 505 1,873 316 662 Acquisition related expenses and adjustments 884 1,585 1,332 3,531 1,952 Non-cash stock-based compensation expense 7,619 8,745 7,706 5,281 4,027 Loss from write-off of construction in process - - 2,430 - - Loss from liquidation of JV - 643 - - - Non-recurring professional fees - 1,568 - - - Adjusted EBITDA $ 70,793 $ 108,066 $ 76,346 $ 64,045 $ 35,385 Available Information Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other reports (and amendments thereto) filed or furnished pursuant to Section 13(a) of the Securities Exchange Act are available, free of charge, on our internet website ( www.TheShyftGroup.com ) as soon as reasonably practicable after we electronically file or furnish such materials with the Securities and Exchange Commission (“SEC”).” 10-K for 2022
Our summaryThe company reported severance related cost reduction initiatives within selling, general and administrative expense for 2023.
Word for word“Selling, general and administrative expense increased by $10.8 million, or 10.1%, to $118.4 million in 2023 from $107.6 million in 2022 primarily driven by $2.6 million of CEO transition costs, $1.0 million of severance related cost reduction initiatives, $3.2 million of EV program management costs and $4.0 million of other employee costs.” 10-K for 2023
Our summaryThe company recorded restructuring and other related charges in its Adjusted EBITDA reconciliation for 2023 and 2022.
Word for word“Restructuring and other related charges 1,741 757 505 1,873 316 Acquisition related expenses and adjustments 440 884 1,585 1,332 3,531 Non-cash stock-based compensation expense 7,834 7,619 8,745 7,706 5,281 Loss from write-off of assets 1,872 - - 2,430 - Legacy legal matters 956 - - - - Non-recurring professional fees 288 - 1,568 - - CEO transition 2,629 - - - - Loss from liquidation of JV - - 643 - - Adjusted EBITDA $ 39,968 $ 70,793 $ 108,066 $ 76,346 $ 64,045 Available Information Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other reports (and amendments thereto) filed or furnished pursuant to Section 13(a) of the Securities Exchange Act are available, free of charge, on our internet website ( www.TheShyftGroup.com ) as soon as reasonably practicable after we electronically file or furnish such materials with the Securities and Exchange Commission (“SEC”).” 10-K for 2023
| Fiscal year ended | Restructuring charges |
|---|---|
| 2016-12-31 | $959,000 |
| 2017-12-31 | $678,000 |
| 2018-12-31 | $649,000 |
| 2019-12-31 | $76,000 |
| 2022-12-31 | $757,000 |
| 2023-12-31 | $1.7 million |
| 2024-12-31 | $1.3 million |
Shyft Group has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Shyft Group’s annual reports (10-K for 2024, 10-K for 2023, 10-K for 2022) and the financial data it files with the SEC, as of 2025-02-20. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.